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Bobbys Corner-Open Market-Aug.8.2011

Good Morning:

Nervous and choppy markets greet us this morning (and last night)-with Dow futures off over 200 points, S&P off 24, NASDAQ off 45.
Gold has hit another all time record (over $1700/oz), and oil is lower again.
This was widely expected after Friday afternoon announcement by S&P that the USA’s credit rating was going to be downgraded to AA+ from AAA.

Fitch Downgrades BNP Paribas

Fitch Downgrades BNP Paribas to AA- with a stable outlook.

Moody’s Downgrades Greece

Moody’s downgrades Greece to BA1 from A3.

Fitch Downgrades Spain

Fitch downgrades Spain to ‘AA+’  from ‘AAA’ Outlook Stable

“Fitch says Spain’s economic process will be more difficult and prolonged than for other AAA rated sovereigns”

Fitch sees spain government debt likely reaching 78% GDP by 2013

Fitch: Spain Adjustment to cut growth rate over medium-term.

Euro trading lower on the news.

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